U.S. stocks pared gains after an industry group ruled that Greece’s debt restructuring is a “credit event” that will trigger $3 billion in default insurance.
The International Swaps and Derivatives Association Inc. said that an auction will be held in respect to outstanding credit-default swap transactions on March 19.
The Standard & Poor’s 500 Index was up 0.3 percent at 1,369.78 as of 2:59 p.m. in New York after rising as much as 0.7 percent. Financial shares were up 0.6 percent, trimming a 1.3 percent gain in half.
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